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Income Tax Appellate Tribunal, “A” BENCH, AHMEDABAD
Before: SHRI P.M. JAGTAP, VICE-
आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘A’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD ] ] BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT AND MS. MADHUMITA ROY, JUDICIAL MEMBER Assessment Year : 2012-13 Rajendra Laxmanbhai Makwana, Income Tax Officer, N-102, Parikar-1, Vs Ward-7(2)(4), Nr. Khokhara Circle, Ahmedabad Amraiwadi, Ahmedabad-380026 PAN: AFLPM 2848 C Assessment Year : 2012-13 Subodh Laxmanbhai Makwana, Income Tax Officer, M-302, Parikar-1, Vs Ward 1(3)(5), Nr. Khokhra Circle, Khokhra, Ahmedabad Ahmedabad-380008 PAN : BICPM 9739 D अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Sakar Sharma, AR Revenue by : Shri S.S. Shukla, Sr. DR सुनवाई क" तार"ख/Date of Hearing : 31/03/2022 घोषणा क" तार"ख /Date of Pronouncement: 08/04/2022 आदेश/O R D E R PER P.M. JAGTAP, VICE-PRESIDENT :
These two appeals filed by two assessees against two separate orders passed by learned Commissioner of Income-Tax (Appeals)-7, Ahmedabad dated 28.09.2016 and by Commissioner of Income-Tax (Appeals)-10, Ahmedabad dated 10.02.2017 for Assessment Year 2012-13 involve some common issues relating to the computation of Long Term Capital Gain arising from the sale of capital asset being immovable property jointly owned by two assessees and the same, therefore, have been heard together and are being disposed of by a single consolidated order for the sake of convenience. & 3270/Ahd/2016 Subodh & Rajendra L Makwana Vs. ITO AY : 2012-13 2
First we shall take up the appeal filed by Shri Rajendra Laxmanbhai Makwana being Commissioner of Income-Tax (Appeals)-7, Ahmedabad dated 28.09.2016.
The relevant facts of the case giving rise to this appeal are that the assessee, who is an individual, filed his return of income for the year under consideration on 21.07.2012 declaring total income of Rs.3,74,560/-. During the year under consideration, the assessee along with his two brothers namely Shri Yogeshbhai Laxmanbhai Makwana and Shri Subodhbhai Laxmanbhai Makwana had sold an immovable property situated at Saijpura, Naroda, Ahmedabad jointly owned by them to M/s. Shanti Infra Developers, a partnership firm, for a total consideration of Rs.5,04,43,000/-. The said property comprising of 5327 sq. yards of non-agricultural land bearing final plot No.44 and Krishna Colony plot of 627 sq. yards along with the construction was acquired by the assessee and his brothers by way of inheritance after the death of their father late Shri Laxmanbhai Panchabhai Makwana on 21.06.1986. In the return of income filed for the year under consideration, his 1/3rd share in the Long Term Capital Gain arising from the sale of the said property was declared by the assessee at Rs.42,55,172/- and after claiming exemption of Rs.40,84,868/- under Section 54 of the Act, Long Term Capital Gain of Rs.1,70,304/- was offered to tax. As noted by the Assessing Officer, Banakhat in respect of this transaction was executed on 15.10.2010 while the final sale deed was registered with the Sub-